业绩短暂下滑，内销军贸前景广阔

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company experienced a temporary decline in performance in 2023, with operating revenue of 726 million yuan, down 23.85% year-on-year, and a net profit attributable to shareholders of 102 million yuan, down 34.66% year-on-year, primarily due to industry policies, market demand, and product delivery issues [2][16]. - The military trade segment is expected to continue growing, benefiting from China's increasing international influence and competitive edge in advanced equipment exports, particularly in the context of the ongoing Russia-Ukraine conflict [3][16]. - The company is projected to see significant growth in net profit, with estimates of 184 million yuan in 2024 and 259 million yuan in 2025, representing year-on-year growth rates of 79% and 41%, respectively [4][19]. Financial Summary - The company reported a decrease in operating revenue and net profit for 2023, with expectations of recovery in the following years, forecasting operating revenue of 1.087 billion yuan in 2024 and 1.421 billion yuan in 2025, with corresponding growth rates of 49.73% and 30.73% [19][21]. - The company's gross profit margin is expected to stabilize as new products are launched and military trade increases, with a projected gross margin of 41.8% in the coming years [19][21]. - The company has a current debt-to-asset ratio of 48.3%, indicating a moderate level of financial leverage [2][21].